THE PROBLEM
Matt leads the development, implementation, and administration of all aspects of DriveWealth’s BSA/AML Compliance Program. His department handles both financial crimes compliance as well as fraud. Matt’s objective is to balance growth with risk management, so when the AML and fraud detection system they had in place could not scale with them as they grew, he knew it was time to consider a new solution.
DriveWealth’s method of tracking payments could not keep up with the shifting patterns of anomalous transactions, which were creating a high rate of alerts that turned out to be false positives. Along with many false positives, creating and filing suspicious cases to FinCEN was a highly manual and time-consuming process for their five-person compliance team.
“You get to a point where your business has grown so much, and you don’t have a case manager in place, so you’re saving things in shared files and managing everything the best you can, but that only takes you so far.”
Unfortunately, the team spent several hours on Suspicious Activity Report (SAR) filing, which took away from focusing on case investigations and severely impacted the team’s productivity. This led DriveWealth to search for a scalable solution that their team could easily manage as they grew.
As a startup, they ultimately sought a solution that could allow them to be hands-on without investing in building dedicated teams for risk analytics, financial crimes, and IT.
